Tokyo fiber maker Teijin announced today that it acquired 50 percent of NatureWorks [1], a biopolymer manufacturer, from Minneapolis-based Cargill [2].

Financial terms were not disclosed, but the companies said they would operate Minnetonka, Minn.-based NatureWorks as a joint venture.

"Teijin's downstream application knowledge in fibers, films and plastic compounds will be of immeasurable value as we grow production at our Blair, Nebraska facility and consider additional expansion in the fast-growing global marketplace," said Guillaume Bastiaens, vice chairman of Cargill.

NatureWorks manufactures biopolymers from 100 percent renewable resources, such as corn, that compete with petroleum-based packaging materials and fibers.

NatureWorks said its biopolymer uses 65 percent fewer fossil fuels to produce than traditional petroleum based polymers.

"We are very impressed with Cargill's long-term commitment to NatureWorks PLA polymers and other biobased products,” said Toru Nagashima, president and CEO of Teijin.

Founded in 2005, NatureWorks markets its biopolymers in the U.S., Europe and Asia, with products in flexible and rigid fresh food packaging, durable consumer articles and beverage packaging, as well as apparel and home textiles marketed under the Ingeo brand.

Cargill, the U.S.'s second largest private corporation, has diversified operations in agriculture and petroleum trading.

Teijin, which serves customers in Asia, Europe, and the Americas, makes about a third of its sales from fibers used primarily in apparel. Its fibers are also found in circuit boards and bulletproof jackets.